Thrivent Financial CEO Terry Rasmussen Drives 160 Billion Asset Growth

Terry Rasmussen's journey to becoming the CEO of Thrivent Financial is an inspiring tale of determination and intellectual curiosity. Born and raised on a farm in west-central Minnesota, Rasmussen's early life was marked by a love for learning, which she credits as the driving force behind her success. She began her career as a dental hygienist, a job that allowed her to fund her law school education. After graduating, she joined Thrivent Financial in 2005 as the General Counsel, a role that would eventually lead her to the top of the company.

Rasmussen's path to the corner office was anything but traditional. She joined Thrivent’s legal team and over time, she quietly accumulated broader responsibilities, including communications, marketing, government affairs, and business risk management. Her hands-on curiosity led to a pivotal moment in 2015 when then-CEO Bradford Hewitt asked her to run the company’s core business. Rasmussen's ascent to CEO in 2018 was built on intellectual curiosity and a reputation for problem-solving, rather than title-hopping or calculated power plays.

Thrivent Financial, with its origins as a Christian fraternal benefit society, still guides its mission more than a century later. Leading a values-driven business in a complex, often secular financial landscape requires delicate balancing. Rasmussen’s strategy is to lean into the company’s distinct ethos—faith, service, and financial stewardship—as a competitive advantage rather than a liability. This alignment gives Thrivent a kind of trust and staying power that’s hard to replicate.

Under Rasmussen's leadership, Thrivent now manages over $160 billion in assets and ranks on the Fortune 500 list. However, Rasmussen believes the firm remains "under the radar" and wants to change that perception. Her leadership style is rooted in human connection, focusing on deepening client relationships, building out digital banking, and investing in a new generation of financial advisors—many of them career-changers. Thrivent is investing in second-career professionals, including former teachers and community leaders, who bring strong values and the desire to serve.

One of the biggest hurdles Rasmussen has faced is convincing a healthy company to evolve. Thrivent is financially strong, which makes urgency a harder sell. However, the company is transforming into a diversified financial services company, which requires vision, patience, and persistence. This transformation includes launching a bank charter and digital platform, extending its reach to younger generations, and recruiting top-tier talent. Rasmussen notes that during the 2008 and 2009 financial crisis, Thrivent was able to pick up amazing investment talent because it was one of the few stable places left.

Looking ahead, Rasmussen is focused on cementing Thrivent’s identity as both a purpose-driven and high-performing financial firm. She aims to prove that a company can be excellent at what it does while also operating with generosity, faith, and service at its core. Rasmussen credits mentors like former Best Buy CEO Hubert Joly for helping her build early confidence in the role. She recalls Joly's advice: “Just get on the bike and start pedaling. It’s easier to steer once you’re moving.”

Seven years into the job, Rasmussen says she’s still learning and still driven by the same motivation that brought her to law school from a dental chair. She told her workforce, “I’ll be a better CEO a year from now than I am today because I’ll keep growing.” In an industry often dominated by ego and short-term performance, that mindset might be Thrivent’s most valuable asset of all.